Turbulent markets and a very temporary inversion of the yield curve have caused overly emotional speculation of an impending recession. All of the fear generated in our markets are wrapped up in the trade dispute with China. Yesterday was a big down day in the markets with the S&P 500 declining 2.9%. China anxiety induced volatility, and the faux fear of yield curve inversion induced volatility, which can, and did, lead to a short-term decline! However, these concerns should have little or no impact on our underlying strong-growth economy. Indicative of that growth is Walmart’s earnings release this morning. Reported earnings of $1.27 per share beat analyst consensus expectations of $1.22. Total revenue was up 1.8% – also beating analyst estimates. This is hugely indicative of how the US is successfully navigating a difficult trade dispute with China. We believe this dispute is most likely to be settled over the next quarter or so. When that settlement occurs, we believe it is extremely likely that there will be strong upside movements in our markets driven by extremely strong second quarter corporate earnings and revenue reports. Folks, the bottom line is that America’s economy is clicking on seven cylinders during the most difficult trade dispute we’ve seen since the ‘70s. When this dispute is successfully settled (we believe very strongly it will be), we’ll be clicking on all eight cylinders and a rapidly growing economy, driven by rational taxation and regulation, should drive this period of exceptional growth. Our message? Don’t glob onto media and analyst expressed fears of a nonsensical yield inversion or the “impossibility” of changing China’s criminal trade behavior. There will be no long-term or intermediate yield curve inversion in our view because The Federal Reserve will act, very soon, to further reduce short-term rates – adding positive slope to the yield curve. When this occurs our single largest sector, bank stocks, will likely see very large upside movements. A healthy economy, growing healthy consumer spending, rational immigration and fair-trade policy, and reasonable taxation all add up to a vibrant and fast-growing economy that continues to reward middle class Americans with wage gains not seen from 2000-2016. Fear is a liar. Don’t let media-induced fear deceive you. All is well, and we strongly believe recession is clearly not possible for years, and those who pervade that it is are simply trying to get you to click on their media source. This very short-term economic speed bump will soon be over, and we will continue to forge a more prosperous investment future.